When you think of the Republic of Kosovo, you might picture a country trying to catch up with its European neighbors after a war. But this young country has a lot of surprises in store. In the millennium, when the Republic became independent, the government worked hard to build up the economy to attract investment from other countries. Find out for yourself, against all odds, if registering a business in the Republic of Kosovo is a good idea.
When it comes to setting up a business in the Republic of Kosovo, both foreign and local businesses follow the same steps. The fiscal and VAT numbers that work through one-stop shops work in 26 cities and towns, and there is only one way to register your business. You would have opened a bank account, registered your business with the Kosovo Business Registration Agency (KBRA) of the Ministry of Trade and Industry, gotten a company seal, and signed up local employees.
How businesses are registered in Kosovo
In Kosovo, you can register your business as:
- A sole proprietorship.
- A limited liability corporation.
- A general partnership.
- A joint-stock company.
Company registration requirements
At least one shareholder and one director must live in Kosovo for your business to be legal. You should also hire a tax agent who is familiar with the tax laws in Kosovo. At the time it is formed, it must have at least €1 in capital. When you want to start a business in the Republic of Kosovo, you will work with the Kosovo Business Registration Agency (KBRA). This one-stop center was set up to make doing business in Kosovo easier and cheaper. In Kosovo, you can set up many different kinds of businesses. Once you’ve decided what kind of business you want to start, the next step is to register it. Here are the steps that need to be taken.
Fill out the form to sign up
You can pick up the form at a KBRA center or download it from the KBRA website. An admissions officer will be ready to help the applicant fill out all of the required parts of the form. Compile all necessary supporting documents. For each type of business, there is a set of paperwork that must be submitted in order to register it. Applicants must turn in their applications in person at a KBRA Service Center once they have filled out the application form and gathered all the necessary documents. The person in charge of admissions will check to see if the claim is true and if all the needed documents are complete and acceptable. If not, the admissions officer will let you know and help you fill out the form.
The applicant must then sign the form when the person in charge of admissions gets it.
There will be a set amount of time for each kind of business.
Company with limited liability in Kosovo
In Kosovo, Limited Liability Companies are the most common type of business (LLC). The most important thing about an LLC is that its stockholders can’t be held responsible for losses caused by their assets. They are only responsible for the amount they put in and the assets of the company. So, the owners’ assets are safe because they can’t be used to pay off the company’s debts. Suppose a Shareholder gets a dividend that shouldn’t have been given out, and the Shareholder knew or should have known at the time that it shouldn’t have been given out. In that case, the Shareholder is personally responsible for the amount of the dividends.
Kosovo’s Joint-stock company
A Joint Stock Company or Corporation is a business that its shareholders own. The amount of stock that each shareholder owns determines how much of the business they own. A Joint Stock Company is a separate legal entity from its stockholders. Shareholders can be either people or businesses. The law says that non-government groups can’t be stockholders in a joint-stock company. The Shareholder Assembly is where the shareholders choose who will be on the Board of Directors for the next three years. The business of a Joint Stock Company is run by its Board of Directors. At least one Managing Director must be chosen by the company’s Board of Directors.
